Taginternal revenue code

Reminder: Partnership and S Corporation Returns Due Tomorrow

By:  Amanda Wilson

As I previously discussed (here), the federal tax due date for partnership and corporate tax returns changed a few years ago.  Partnership and S corporation tax returns are due a month earlier on March 15th, while corporate tax returns are now due a month later on April 15th.  In other words, if you were thinking you have until April 15th to file your partnership or S corporation tax returns, you need to file for an extension tomorrow.

Considering Making A Qualified Opportunity Zone Investment?

By:  Amanda Wilson

 

Qualified Opportunity Zones are a hot topic in the tax and business world, and are an opportunity that span into almost any business market.  I get questions about them daily.  If you are considering making an investment in property in a qualified opportunity zone, or are simply wondering what an opportunity zone is, I recently presented on this topic.  A copy of the presentation materials can be found here.

Now Is The Time To Review Your Tax Provisions

By:  Amanda Wilson

As tax season is underway, one important deadline is coming that should not be overlooked.  Tax law allows for partnership and LLC agreements to be amended retroactively to the first day of the prior year, provided the amendment is executed before the due date (without extensions) for the prior year’s tax return.

What does this mean for your agreements?  You should look at the tax provisions and see if there are any items that should be corrected.  For example, do the allocation provisions result in unintended consequences that you would like to correct?   Would you like to add a limited deficit restoration obligation so that one member or partner can utilize losses?   Or does your agreement provide for a tax matters partner, which is a concept that was replaced by a partnership representative (previously discussed here).  You should act quickly, though, as the deadline for executing any amendments for the 2018 tax year is March 15, 2019.

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